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But all attempts have failed because shareholders felt that the targets were not stretching enough.

Ashley, who owns 62 per cent of the business, was not allowed to vote and needed the support of the institutions which own the remaining 38 per cent stake.

Earlier this month the sportswear group cancelled the vote after realising that it did not have enough support from key investors.

Ashley has had a fractious relationship with the City after shares in Sports Direct halved in value six months after floating, and he scorned investors saying: ‘Some of these City people act like a bunch of cry babies...Sports Direct should come with a government health warning – this stock is not for the faint-hearted.’

But yesterday it was Ashley and Sports Direct on the back foot, despite group sales rising 10.3 per cent to £360million for the nine weeks ending March 30 as gross profit increased 11.5 per cent to £147million.